*• BRISTOL
• CATHEDRAL
TRUST
REPORT AND FINANCIAL STATEMENTS
For the year ended 31 December 2023
Bristol Cathedral, College Green. Bristol BS15TJ
Charity number 801008

Bristol Cathedral Trust
CONTENTS
Page
Legal and Administrative Inforniation
Trustees. Annual Report
2-8
Independent Auditor's Report
9-12
Statement of Financial Activities
13
Balance Sheet
14
Cash Flow Statement
15
Notes to the Financial Statements
16-24

Bristol Cathedral Trust
LEGAL & ADMINISTRATIVE INFORMATION
PRINCIPAL OFFICE ADDRESS
Abbey Gatehouse
Bristol Cathedral
College Green
Bristol. BS I STJ
TRUSTEES
Mr Stephen Parsons. MBE. DL * A
Mrs Jane Oakland
Mr Harry Marshall
Steve Smith O'oined Ortober 23)
Miss Naomi Miller (resigned June 2023)
Mr Mike Lea
Beth Napier O"oined Ortober 23)
Louise O'Donnell (joined October 23)
Revd Canon Mandy Ford - Dean of Bristol
(ex officio) '
Mr David Cain - Canon Treasurer (ex offjicio)
Mr John Savage - (retired August 2023)
1989 FOUNDING TRUSTEES
The Rt Hon the Lord Waldegrave of North Hill
Mr Kevin Abbey
Mr Robert Bernays
Mr Denis Burn
The Very Revd Dr Arthur Wesley Carr*
Mr Christopher Curtis
Mr Thomas Durie4**¥
Revd Canon James Free
Mr Bruce Hod(in
Mr Charles Laws
Mr George Mcwatters
Mr Alfred Morris
Mr Timothy Stanley
Mr Derek Tedder**#
Mr John Thornely
Sir David Willcocks
Mr Roger Bennett
Mr Andrew Breath
His Hon Judge David Hingston Bursell QC
Mrs Stella Clad<e
Marina Ann Dolman
Alice Fletcher
Mr Philip Gregory
Sirjohn Kingman
Mr Christopher Martin
Pamela Moon
The Rt Revd Barry Rogerson
Mr Alan Tasker
Mr John Thomas
Sir William Verdon-Smith4*1*
Sirjohn Wills
* Chaimian
** Treasurer
A Member of De￿ and Chapter
*** Founding Chairman
deceased
Bankers
Natwest Bank plc
3 Temple Back East
Temple Quay
Bristol, BS19BW
Auditor
Bishop Fleming LLP
Chartered Accountants
10 Temple Back
Bristol. BS16FL
Stocld)rokers
CCLA Investment Management Ltd
80 Cheapside
London, EC2V 6DZ
Solicitors
Veale Wasbrough Vizards LLP
Narrow Quay House
Narrow Quay. Bristol. BSI 4QA

ristol Cathedr41 Trv$t
TRUSTE>S' ANNUML REPORT
cht Yt¥ -_" J•xyT**r 'ts2)
ftÉPOItT Qf ThE TRUSTEES FOR THE YEAR ENDING JI DECEMBER 21)23
th¢ y*Ji eFithr¥ 31 Decvntw 202). Ik £r4pc41 bocn" ID Icccrf4iYt wil.4 .>
wlbrF¢S f*Xa to rhe FrarFcal VJsv<¢fKr.¢a 4nd o)rp7 W7th. the chaftlT% *YWYI
a￿Lf1}erE1. rhe Ch4
rii*s Act 2ts11 an6r Ck¥rttit5.' knrenw4 oi k*£tr¥iirrth¢"
4w5.£*bke ch&
Qli ypr LIK ReO*ir D! Irg4a,Trc *wblr4h4 v, l & 4.
CMAIRHAM'5 TIEPOIIT
4FR5
TpR5 is a In gnxeol frus-
0￿r nth. trirLf￿ Marrh* Le*)rtyoft h)2 ir*{ rnlsyl F:t7P4rdwxt ¢vor i* pAgt 12
)n *nttrwew wxe5: ' 3
L.?&&È O Skknr44
A% * rf*4ult tsl the f4thedrdls MtsJÉurt Brisro Cath￿} as 4 {, 4rivY thc Ck4nr
Corr.ry17SStiI 1% Ihe .)trèY h4£ WT." I17￿-t the rEbrw5S.*rP 1th¢: ¢4i4t4ol
I ITi*tr-: tT113L Trust E5 &*￿>5 of CIL-I￿. 1st ib
Diir.'x %Ear Nat￿￿1 ￿'￿er the TntSL b¢¢tl. & t"r4t of the Triisr t¢til al
Drc£¥3y aré I￿re fe¢crttl? IS i TrJstee r￿0[¢ y1￿.]j1 NAcnt for
.-LIS£ rl 'prar>.
(.F4F<er 4$ 4 N￿. txec DfC¢iI.
t) tsCT
Ar¢ntKJI sthrKnt4Jr. rKo¥re ..rom iht F.ih)r4inEe k<itrp *￿% 4th¢ P:as a
Donitsoft5 ltya<iÉS rff tr¥￿ by r.Tll>'. Ir. 9<*".yl
ID £6.3&3 ,ri 2c￿j 11422 - c8.rnF. The Tro5cet5 tsi af.'::o* C¥-¢b.edry." T-.
&fv4iryJr.> for d￿￿111￿1￿& 11sip.* ¥¥ tjrhors
¥ Jt)) fJ*isv4d to thi- a(Eer iarEfv.l ￿3￿r¢[y se¢tr>l ￿￿fr￿". OTty•xs Tr""JPFK4rted ty 8CT
Cr￿￿rf ro,
nrtAL.<ts¥ suppjiz CO Ehtr ot &'%[tyl C¥i.x4rA.
r￿SE
5tepl*M Panom 148E DL

Bristol Cathedral Trust
TRUSTEES, ANNUAL REPORT
For the year ended 31 December 2023
PURPOSES AND ACTIVITIES
Objects of Bristol Cathedral Trust
The Trust vrfas established in 1989 with the following purposes:
to assirt the Chapter of Bristol Cathedrdl to restore. maintain and repair the fabric of the Cathedral. its
contents and precincts..
to advance the eduGltion of the genernl public in the role of the Church and the history of the Cathedral..
and
to support music at the Cathedral
Aims. objertives and strategy
Bristol Cathedral Trust is one of the registered charities. established to support Bristol Cathedral. We raise
funds and build relationships on behalf of Bristol Cathedrdl, vthich help us to achieve our ambitious aim. We
creats partnerships with charitable trusts and grnnt making organisations. We foster relationships between the
Cathedral and the corporate and charitsble communities of Bristol. We invite and build relationships with
individuals vrfanting to become more involved, either through the social membership group. The Fitthardinge
Society. or on a personal and individual basis.
In 2021, Chapter set a new vision for the Cathedral - 'Here with you yesterday, today and tomorrow.. Five
purpose statements provide the frnmework for the delivery of this vision which are:
Here with you to.
Follow Jesus ChrisL
Worship God.
Serve Others.
Transform communities.
Serrfe the Bishops and the Diocese.
This is all underpinned by our values which are to be open. generous. creotive ond brov
Public benefit
The Trustees are aware of the Charity Commission's guidance on public benefff and have had regard to tt in
their adminisu7tion of Bristol Cathedral TrusL
The Trustees believe tha( by supporting the work of Bristol Cathedrdl. the Trust helps to promote the mission
of the Cathedral more effettively and that in doing so it provide5 a benefrt to the public by:
supporting facilities for public worship. pastoral care and spirFtual, moral and intellettual development
for anyone who wishes to benefit from what the Cathedrdl offers.
supporting the musical tradrtion and educational role of the Cathedral. to the benefit of the Cty of
Bristol and the wider area.
serving as the guardians for the unique Grade I listed buildin& ensuring it's stability and safety and helping
communities to engage with its heritage. to the benefrt of the Ciry and of Bristol and the wider area.
raising the profile of the Cathedral to the people of Bristol and to the city s visitors. both national and
international, to the benefit of well-being and the tourism economy.

Bristol Cathedral Trust
TRUSTEES, ANNUAL REPORT
For the year ended 31 December 2023
The Trustees believe that this report taken as a whole. provides evidence that the work of Bristol Cathedral
Trust in 2023 furthered its charitable purposes for the public benefJL
Grantsmaking policies
The Trust has estsblished irs grant-making policy to achieve its objects for the public benefit in supporting the
work of Bristol Cathedral. Grants can only be avmded to Bristol Cathedral and follow an annual grant
application or notification of projett schedules submitted to Trustees by the Chapter of the Cathedral. This
application specifies the amounts required by the Cathedral to finance fabric projects and other initiatives over
the forthcoming calendar year.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
Bristol Cathedral Trust is a charity registered with the Charity Commission in the United Kingdom, registered
number 801008. Bristol Cathedral Trust was fomied in 1989 under a Deed of Trust as amended by supplementsl
deeds dated 17 November 2000 and 28 September 2005 and is constituted as a registered charity but is
unincorporated. The Firzhardinge Society. a member association founded in 2006. is under the governance of
Bristol Cathedral TrusL
The original Trust Deed was written in 1989 and whilst fit for purpose at the tim& is no longer suitable to
reflett the recent changes in corpordte governance policies in the charitable settor. nor does it give a specific
and accurate representation on what the objectives of the Trust are. By vrdy of example, the Deed allows for
the Trust to support the "church" when it is clear that the overarching objective is to support "Bristol
Cathedral" and funds have alvfays been used for this purpose. The decision has been taken to review the most
appropriate structure for the Trust and explore the possibility of transitioning to a Charitable Company (Limited
by Guarantee>. Expert legal advice is being sought within the trustee board and externally.
Our new Articles. which will set out our aims, objectives and rules. will look to ensure thaL'
our objectives are clearly aligned with the strategy and vision of the Dean and Chapter.
a c105e and cohesive. albeit independenL Wor￿.ng rejationship between the Trusc Dean and Chapter is
forged, and
best practice is adopted wtth regard to corporate governance.
The new entity 15 now established and ha5 received Charity Commission approval.
The ex-officio trustee5 are members of Dean and Chapter as are one of the current serving Trustees. At any
point in time the majority of the Board of Trustees is to be independent of Chapter and those who have
position5 in l)oth are removed from voting on any deasions in which they may be conflicted.
Method, policy and procedure of recruitment of Trustees
Those acting as Trustees during the year ended 31 December 2023 are listed in Legal and Administrative
Infomiation on page l. There may be between six and fifteen Trustees.
New Trustees are appointed by existing Trustees after wide consultation among members of the Brisiol
community. The Trust's aim is to include persons wtth a wide range of skills and experience who are in sympathy
with its purpose of supporting the Fabric of Bristol Cathedrdl and who can in turn make the needs and
opportunities of the Cathedral widely known. New Trustee5 are inducted into the workings of the Trust under

Bristol Cathedral Trust
TRUSTEES. ANNUAL REPORT
For the year ended 31 December 2023
the supervision of the Chairman. Individual Trustre mentoring is undertaken and group Trustee training modules
are being pursued.
Organisational structure and decision-making
The quarterly meetings of Trustees review the investments. financial matters and the progress of fundraising
initiatives. The work of the Trust office is supervised jointty by the Chairman and the Dean of 8ri5tol Cathedrnl.
Representatives of the Cathedral Chapter regularty update the Trustees about the Cathedral's work and future
plans and major decision5 are made by Trustees in consultation with the Dean and Chapcer of the Cathedral.
Risk management
The Trustees assess the major risks to which the charity is exposed. in particular those relating to finance and
investrnents. To help assess the financial perforniance of the Trust's Assets. representatives from CCLA
Investment Management Ltd are invited to attend meetings during the year. This helps to facilitate an on-going
review of the asset allocation within the Trust's investment portfolio. The Finance Sub-committee monitor
market and investment performance with a view to balancing risk and return and report its findings to the
Trustees.
The key management risks to the Trust in 2023 were:
a fall in investment income. due to market or political uncertainties.
a fall in membership income arising from a fall in the recruitment or membership of the Fitzhardinge
Society.
ACHIEVEMENTS AND PERFORMANCE
ove￿ieW
Bristol Cathedrnl Trust supports the Cathedrnl tn its r#Yenty first century working. Funds are raised through
dirett donation. sponsored events. grant applications and promoting the Cathedral's work and mission. Funds
are held in geneTrl or restritted accounts and grants are then made for specific purposes to the Chapter upon
the agreement of Trustees. The Trustees believe that a solid foundation allows them to progress their
fundraising objectives.
The Trustees recognise the achievements of the Trust by its ability to provide necessary funding to Bristol
Cathedral both in the financial year under review and into the future. The perfomiance of the Trust can
therefore be measured by both the grnnts made to chaP￿r in the year and donations received by the Trust to
support the Cathedral's on-going and future work
Grants made by Bristol Cathedral Trust to Bristol Cathedrnl cotalled £68.290 (£121.956 in 2022) and were
made in support of the following projetts and purposes:
Fire Alarni
Rainwater Pipes
Fabric Works
£28.854
£15.436
£24.000
Donation5 and legacies received by Bristol Cathedral Trust in support of the work of Bristol Cathedral
amounted to £30.783 in 2023 (2022 - £8,778). The Trustees of Bristol Cathedral Trust were extremely grateful
both for major donations and for the many donations made by members of The Fitzhardinge Society and other5.

Bristol Cathedral Trust
TRUSTEES. ANNUAL REPORT
For the year ended 31 December 2023
Trust Office operations in 2023
The Development Director. Martha Lewington started to reengage the members of the Fitzhardinge Society. A
programme of events was held, and a programme has been planned for 2024.
Other than those who senrfe as Trustees. the Trust does not use unpaid volunteers.
The Fitzhardinge Society
Annual subscription income and other revenue was £6.364 which is lower than the previous year. With new
events planned for 2024, it is hoped that we will be able to encour7ge new members.
Subscriptions were recetved from 16 Single Members and 12 Joint Members
Plans for the future
The Trust will continue to support the work of the Cathedrdl through targeted fund raising and grnnts..
A number events have been scheduled for 2024 to reinvigorate the Fitzhardinge Society and rdise funds for
future Bristol Cathedrdl projetts.
The planned legacy giving project is still to be undertaken however this has been deferred.
FINANCIAL REVIEW
Total incoming resources in 2023 amounted to £92.063 (2022 - £66.37T) and total expended resources
amounted to £132.422 (2022 - £144.694) leaving a net incoming deficit before revaluations and investment gain5
of £40,359 {2022 - net incoming deficit of £-78.317). Net investment gains in the year amounted to £242,032
(2022 net investment loss of £-244,51 n.
Investment policy
The Trust Deed allows Trustees to make such investments a5 they think fir. Since March 2007, the Trust has
consolidated 211 financial investments into assorced funds operated by CCLA These investments are subjett to
the ethical guidance of the Church of England.
A Trust Finance Sub-committee, chaired by the Trust Treasurer sitting with the Trust Chairman continues to
meet from time to time to review investment perf0rn7ance and the aims and assumptions relating to the
prevailing investment stance. These are reported at the quarterly Trust meeting.
Throughout 2023 a conserrdtive policy was continued. with the aim of balancing long-term capital growth and
maintaining enough income to sustain the Trutt's commitments to the Cathedrnl.
The funds placed with the Central Board of Finance are divided into three investment portfolios, consisting of
the Fitzhardinge Society funds. the permanent endowments and portfolio for the general and smaller restrirted
funds. These portfolios are allocated appropriately into Fixed Interes( Dep05iL Property and Equtty Investment
funds, based on the objettives of the respettive portfolios. The management of funds placed through the Central
Board of Finance is undertaken by CCL4 Investment Management Limited. which is regulated by the Financial
Condutt Authority and has funds under management exceeding £4bn.

Bristol Cathedral Trust
TRUSTEES, ANNUAL REPORT
For the year ended 31 December 2023
CCLA is owned 60% by the Central Board of Finance of the Church of England. 25Y by the COIF Charities
Investment Fund and 15Y by the Local Authorities Mutual Investment TnJsL Over the period under review. the
overall return on investments was 12.8%. which was felt to be satisfactory.
Following an application made by the Trusc the Charity Commission granced permission in November 2020
that the Choral Endowment Fund and the Fabric l 000 Endowment could be treated as restrirted reserves. The
longer-terni strategy is that these funds will be transferred over to the newly incorporated entlty shortly and
further advice is being taken on what we can then do with them.
Reserves policy
The Trustees aim is to ensure sufficient funds are available to maintain the smooth. ongoing operntions of the
Trust. The policy 15 to hold cash and liquid assets of at least £1001 allowing for che payment of committed grant
expenditure to the Cathedral at any point in time and stx months, staff costs. The Trustees consider that this
level will provide 5uFficient funds to ensure that Cathedral commitments are not jeopardised and ensure
sufficient funds are available to cover necessary administration costs.
The tOLII value of funds at 31 December 2023 amounted to £2.797m. of which £1.995m is held in restricted
funds and £802k in unrestricted funds. The gap between actual reseryes and the policy is monitored closely.
Any surplus reserves are invested to contribute to the ongoing costs of the Trust and any future fabric projects
for the Cathedr21. Due to the nature. scale and irregularity of the larger fabric projects undertaken by the
Cathedral, unrestricted reserves are maintained above the working capitsl requirement so as to be available to
be drawn upon at such times when these larger projeccs arise and grant applications are made to the Trust
Accounting Arrangements 2023
Accounting serrfices for Bristol Cathedral Trust continue to be provided by Bristol Cathedral.
TrusteÈs' responsibilities in relation to the financial statements
The Trustees are responsible for preparing the Trustees, Annual Report and the financial statements in
accordance with applicable law and the Unrced Kingdom Accounung Standards (United Kingdom Generally
Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for
eath financial year which give a true and fair view of the state of the affairs of the charity and of the incoming
resources and application of resources of the charity for that period. In preparing these financial ststements,
the Trustees are required to:
select surtable accounting policies and then apply them consistently.
observe the methods and principles in the Charities SORP 2019 (FRS 102).
make judgements and estimates that are reasonable and prudenL
State whether applicable accounting standards have b￿n followed. subjert to any material departures
disclosed and explained in the financial statements. and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that
the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at
any time the financial position of the charsry and enable them to ensure that the financial statements comply
with the Charities Att 201 I, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the
Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable
Step5 for the prevention and detection of fraud and other irregularities.

Bristol Cathedral Trust
5 AUSTE£S' AP4NU.AL REPORT
lh¢ t¥&" )¢ZJ
The 2uthtc¢. FlwD.ry LLP. to c5yxiA￿ • ts*e Ind a
Alyt)￿s by the Bo•rtl c4 Tfvstoes ￿ ..
21 14Q4
S P¥vJX
.•.

Bristol Cathedral Trust
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF BRISTOL CATHEDRAL
OPINION
We have audited the financFal statements of Bristol Cathedrdl Trust for the year ended 31 December 2023
which comprise the Statement of Financial Attivities. rhe Balance SheeL the Statement of Cash Flows and the
related notes, including a summary of significant accounting policies. The financial reporting framework that has
been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial
Reporting Standard 102 Yhe Financial Reporting StsrKlard applicable in the UK and Republic of Ireland, {United
Kingdom Generally Accepted Accounting Prac(ice).
In our opinion the financial statements=
give a true and fair view of the state of the charity's affairs as at 31 December 2023 and its incoming
resources and application of resources. including its income and expenditure for the year then ended.
have been pmperly prepared in accordance with United Kingdom Genernlly Accepted Accounting
Prartice.. and
have been prepared in accordan￿ with the requirements of the Charities Att 2011.
BASIS FOR OPINION
We condutted our audit in accordance with Internationat Standards on Auditing (UK) (ISAS (UK)) and applicable
law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the
audit of the financial statements section of our reporc. We are independent of the Chariry in accordance with
the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom.
including the Financial Reporting Council's Ethical SLindard. and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined is
sufficient and appropriate to provide a basis for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements we have concluded that the Trustees, use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed. we have not identthed any material uncertainties relating to events or
conditions thaL individually or collettively, may cast significant doubt on the charity's ability to continue as a
going concern for a period of at least twelve months from when the financial statements are authorised for
issue.
Our responsibilities and the responsibilities of the trustees with respett to going concern are described in the
relevant settions of this reporL
OTHER INFORMATION
The Trustees are responsible for the other inforniation. The other inforn)ation comprises the inforniation
included in the Annual Repor( other than the financial statements and our Auditors. Report thereon. Our
opinion on the financial statements doe5 not cover the other information and. except to the extent otherwise
explicitly stated in our repor( we do not express any form of assurance condusion thereon.
In connection wich our audit of the financial statements, our responsibility is to read the other information and,
in doing so. consider vthether the other information is materially inconsistent with the financial stacements or
our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material
inconsistencies or apparent marerial misstatements. we are required to determine whether there is a material
misstatement in the financial statements or a material misstatement of the other information. If, based on the

Bristol Cathedral Trust
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF BRISTOL CATHEDPAL
work we have performed. we conclude that there is a material misststement of this Other information. we are
required to report that fatt
We have nothing to report in this regard.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of our knowledge and understanding of the charity and its environment obtained in the course of
the audit, we have not identified material misstatements in the Trustees, ReporL
We have nothing to report in respect of the following matter5 where the Charities (Accounts and Reports)
Regulations 2008 requires us to report to you rf. in our opinion:
the charity has not kept adequate and sufficient accounting records, or returns adequate for our audit
have not been received from brnnches not visited by us,. or
the chariWs financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Trustees, remuneration specified by law are not made: or
we have not received all the information and explanations we require for our audiL or
RESPONSIBILITIES OF TRUSTEES
As explained more fully in the Trustees, Responsibilities StatemenL the Trustees responsible for the preparation
of the financial statements and for being satisfied that they give a true and fair view, and for such internal cor)trol
as the Trustees determine is necessary to enable the preparation of financial statements that are free from
material misstatemen( whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue
as a going concern. disclosing. as applicable. matters related to going concern and using the going concern basis
of accounting unless the Trustees either intend to liquidate the charity or to cease operations. or have no
realistic alternative but to do so.
AUDITORS. RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
We have been appointed as auditor under settion 151 of the Charities Act 2011 and report in accordance with
the Att and relevant regulations made or having effett thereunder.
Our objectives are to obtain reasonable assurdnce about véhether the financial statements as a whole are free
from maternal misstatemen[ whether due to fraud or error. and to issue an AudFtors' Report that includes our
opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit condutted in
accordance with ISAS (UK) will alY￿YS detect a material misstatement when it exists. Misstatsments can arise
from fraud or error and are considered material rf. individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial ststements.
Irregularities. including fraud, are instances of non-complian￿ with laws and regulations. We design procedures
in line with our responsibilities. outlined above. to detett material misstatements in respect of irregularities,
including fraud. The extent to which our procedures are capable of detetting Irregularit￿S, including fraud is
detailed belovr.
We have considered the nature of the sector. control environment and financial performance;
We have considered the results of enquiries with management and Trustees in relation to their own
dent5fication and assessment of the risk of irregularities within the entity.. and
We have reviewed the documentation of key processes and controls and performed walkthroughs of
transactions to confirm that the systems are operating in line with documentation.
10

Bristol Cathedral Trust
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF BRISTOL CATHEDRAL
As a result of these procedures we have considered the opportunities and incentives that may exist within the
organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a
particular risk in relation to year-end cut off. In common with all audits under ISAS (UK) we are also required
to perform spectfic procedures to respond to the risk of management override.
We have also obtsined understanding of the legal 2nd regulatory frameworks that the charity operates in,
focusing on provisions of those laws and regulations that had a direct effect on the determination of material
amounts and disclosures in the financial statements. The key lav￿ and regulations we considered in this context
included the UK Charities Act and FRS 102 (SORP)- In addition. we considered the provisions of other law5 and
regulations that do not have a direct effett on the financial statements but compliance with which may be
fundamental to the chariry's ability to operate or avoid a material penalty.
Our procedures to respond to risk5 identrfied included the following.
Reviewing the financial statement disdosures and testing to supporting documentation to assess
compliance with provisions of relevant laws and regulations described as having 2 direct effect on the
financial ststements,.
Performing analytical procedures to identify unusual or unexperted relationships that may indicate risks
of material misstatement due to fraud;
Reviewing board meeting minutes:
Enquiring of management in relation to attual and potential claims or litigations,.
Performing detailed transattional testing in relatN)n to the recognition of revenue, specifically grdnts.
with a particular focus around year-end cut off: and
In addressing the risk of fraud through management override of controls. testing the appropriateness of
journal entries and other adjustments,. assessing whether the judgments made in accounting estimates
are indicative of potential bia5" and evaluating the business rationale of signrficant tfdnsactions that are
unusual or outside the nornial course of business.
We also communicated identified laws and regvlations and potential fraud risks to all members of the
engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations
throLJghout the audit.
As a result of the inherent limitations of an audi¢ there is a risk that not all irregularities. including a material
misstatement in financial statements or non-compliance with regulation. will be detected by u5. The risk
increases the further removed compliance with a law 2nd regulation is from the events and transattion5 refietted
in the financial statements, given we will be less likely to be avnre of IL or should the irregularity occur as a
result of fraud rather than a one off error. as this may involve intentional concealment, forgery, collusion.
omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website at: vnvw.frc.org.uklauditorsresponsibilities. This description fonns part of our
Auditors, ReporL

Bristol Cathedral Trust
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF BRISTOL CATHEDRAL
USE OF OUR REPORT
This report is made solely to the Trustees. as a body. in accordance with Part 4 of the Charities (Accounts and
Reports) Regulations 2008. Our audit work has been undertaken so that we might state to che Trustees those
matters we are required to state to them in an Auditors. Report and for no other purpose. To the fullest extent
permitted by law. we do not accept or assume responsibility to anyone other than the Trustees. as a bodx. for
our audit work for this report. or for the opinions we have formed.
Chris Tranth2m FCA (Senior Statutory Auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
10 Temple Back
Bristol
BSI 6FL
Date: 28 October 2024
Bishop Fleming LLP are eligible to art as audicors in ternis of section 1212 of the Companies Acc 2006.
12

Bristol Cathedral Trust
STATEMENT OF FINANCIAL ACTIVITIES (incorpordting the income and expenditure account)
For the year ended 31 December 2023
Note
Unrest-
ricted
Funds
Rest-
rirted
Funds
Endow-
ment
Funds
Total
Fund5
2023
Total
Funds
2022
Income and endowments from:
Donations and legacies
Other trading activitie5
Invescments
4.419
805
60.475
26,364
30,783
805
60.475
8.778
57.599
Total income
65.699
26,364
91063
66,377
Expenditure on:
Raising Fund5
Charitable activities
{51780)
(11.352) (68.290)
(51780)
(5.686)
(79,642) {139,008)
Total expenditure
{64.132) (68,290)
(131422) (144,694)
Realised gains on investments
Net gainsl (losses) on investments
73.464
168.568
242.032
(244,517)
Net income l (expenditure)
75.031
126,642
201,673
(322.834)
Transfers between fijnds
Net movement in funds
75,031
126.642
201,673
(322,834)
Reconciliation of funds:
Funds brought forward
726.594 1.868.470
1595.064
2,917.898
Funds carried forward
801.625 1.995.112
2.796,737
2.595,064
The statement of financial acrivities includes all gains and losses recognised in the year.
All of the charity's operations are classed as continuing.
THE NOTES ON PAGES 16 TO 24 FORM PART OF THESE ACCOUNTS
13

Bristol Cathedral Trust
2ALA.NIE SHEET
Trfal
202J
2022
INVESTMEN'T Assf TS
Prow
533.C
2_143,870
2.676.e70
)43I.846
CIARENT ASSETS
12.4S8
117,142
15.7e7
15)933
CREW(XS. ;"JAry orle
yti
19.7)31
16.SQ21
YET CURREN- ASSETS
119.867
16).218
,Y£°, ASSETS
2.796 737
2.595.
FUNJS
Uftf¢str<itd F..Jr
;.625
1.995.112
6594
IW.470
10
2.196737
2.59S.C64
P￿TE$ PAGES 16 TO 24 FOAM PAA", OF THESE Acccu%rs
14

Bristol Cathedral Trust
CASH FLOW STATEMENT
For the year ended 31 December 2023
2023
2022
Cash flows from operating artivities:
Net cash provided by l (used in) operating activities
(94.274)
(145.129)
Cash flows from investing artivities:
Investment income received net of costs
Proceeds from sale of investments
Purchase of investments
60.475
57.599
(2.992)
(52.865)
Net cash provided by l (used in} investing activities
57.483
4,734
Reconciliation of net cash flow to movement in
Net cash funds
Change in cash and cash equivalents in reporting period
Cash and cash equivalents at the beginning of the reporting
period
(36.791)
153,933
{140.395)
294.328
Cash and cash equivalents at the end of the reporting period
117.142
153,933
Reconciliation of net movements in funds to net
flow from operating activities
Net income l (expenditure) for che reporting period
201,673
(322.834)
Dividends, interest and rents from investments
(Profit) on sale of invettments
Decrease in debtors
Increase in creditors
Unrealised (gains) on revaluation of investments
(60.475)
{57.599)
3,329
3,231
1242.032)
(6,894)
(2,319)
244,517
Net cash provided by l (used in) operating activities
(94.274)
(145.129)
15

Bristol Cathedral Trust
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
I. ACCOUNTING POLICIES
Basis of preparation
The accounts (financial statements) have been prepared under the historical c05t convention with items recognised at cost
or tran5artion va]ue unless otherwise stated in the relerdnt notes to these accounts. The financial sta￿MentS have been
prepared in accordance with the Sratement of Recommended Practice: Accounting and Reporting by Charities preparing
their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)
(effective l January 2019). and the Charitie5 Art 2011.
The financial sra*ments have been prepared to give a 'true and fair. view and have departed from the Charities (Accounts
and Report5) Regulations 2008 Qnty to the extent required to provide a 'true and fair view,. This departure has involved
following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting
Standard applicable in the UK and Republic of Ireland issued in Ortober 2019 rather than the Accounting and Reporting
by Charities: Statement of Recommended Prartice effettive from l April 2005 which ha5 since been withdrawn.
Bristol Cathedral Trust constitutes a public benefit entity as defined by FR5 102.
Going concern
The Trustee5 are confident that it hold5 more than sufficient funds in unrestritted reserves to cover any imbalance between
income and expenithture. They are confident that Trust income will return to a nomial level.
Income
Income from donations and &"fts. lepcies and special fundrnising events is credited to the appropriate fund on a receivable
basis. Donations made under aid are included together with the amount of ttx recoverable thereon.
Expenditure
All expenditure is included in the Sratement of Finanaal Acuvities. The value of invoices received after the year end in
respett of expenditure incurred before the year-end has also been included in the Sta¢emenc of Financial Acuvities.
Expenditure on r￿sing funds comprises those costs directly attributable to managing the investment portfolio and rdising
investment income and the recharged salary costs and other fijndrdising costs incurred in generating donations to the Tru5L
These are shown in note 3.
Charitable activities comprise donations to Bristol Cathedral. These are accounted for when they become payable and are
Shown in note 4 and comprise the costs involving the public accountability of the charity and its compliance with regulation
and good practice. These costs include those related to accountancy services and trustees, liability insurance and are shown
in note 4. Other costs associated sUPPOrting governance attivities are not material. The chariry a150 receives legal
advice and statutory audit services at no COSL
Investments and the income therefrom
Investment properties are included in the balance sheet at market value and any unreaEi5ed gain or Ios5 taken to the
Statement of Financial Activities.
Other investments are shown in the balance sheet at market value. Any realised or unrealised gains or losses are allocated
to the relevant fund and are shown in the Statement of Financial Activittes.
Debtors
Trade and other debtors are recognised at the setdement amount due after any trade discoun¢ offered. Prepayments are
valued at the amount PreP￿d nec of any trdde discounts due.
Cash at bank and in hand
Cash at bank and in hand indudes osh and short term highly liquid investments with a shor¢ maturity of three months or
less from the date of acquisition or opening of the deposit or similar accounL
16

Bristol Cathedral Trust
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
Creditors
Creditors and provisions are recognised where the charity has a present obligation resulung from a past event that will
probably result in the transfer of fijnds to a third party and the amount due to settle the obli8Ation Can be measured or
estimated reliably. Creditor5 and provisions are norffAlly recognised at their settlement amount after allowing for any trade
discounts due.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial
instruments are initiatly recognised at transaction value and subsequently measured at their setttement ￿alUe.
Funds structure
Restricted funds are funds which are used in accordance with specthc re5trittions imposed by the donor or Trust deed.
Further details of each restricted fund are disdosed in Note l O.
Unrestricted income funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the
charitable objects. Unre5tricred funds include designated funds where the Trustees. at their discreuon, have created a fund
for a specific purpose.
2. INVESTMENT INCOME
Total
2023
Total
2022
Investment income derives from the following sources:
Properry rental
Funds invested with Central Board of Finance of the Church of
England
Bank interesc
19.200
19,200
40,931
38,296
344
103
60,475
57.599
3. EXPENDITURE ON RAISING FUNDS
Unre5trirted
Funds
Restrirted
Funds
Total
2023
Total
2022
Trust staff costs recharged from Bristol Cathedral
Publicity
Office prinung and stationery
Costs of Activitie5
Other
48,526
1350
12
1.834
58
48.526
1350
12
1.834
58
3,124
2.512
50
51780
52.780
5,686
17

Bristol Cathedral Trust
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
4. CHAR ￿ABLE ACTIVITIES
Unre5trirted Re5trirted
Funds
Funds
Total
2023
Total
2022
Grants to Bristol Cathedrdl for the
following projects=
Fabric
Rainwater Downpipes
Fire Alarm
Organ Refurbishment
24,000
15.436
28.854
24,000
15.436
28.854
32.688
i o,01)o
6,000
73.268
Governance C05ts:
Accountancy Charges
Profession￿ Fees
Tru5tees' Indemnity Insurance
I l.lJ)2
11.002
11.256
5,451
345
350
350
11.352
68.290
79.642
139.008
Bristol Cathedrnl Trust is audited for £3,660.
5. STAFF COSTS
The average number of employees during the year was one (2022- one).
There are no employees who received total employee benefits of more than £60k.
The Trvst reimbursed the sum of £ 48.526 (2022 - £3.124) to Bristol Cathedrdl during the period for the cost of stsff in
the Trust's Office. a5 shown in no￿ 3.
6. INVESTMENT ASSETS
2023
2022
Property
Market value at l January 2023
Gains on revaluation
506,000
506.oc
27,000
Market value at 31 December 2023
533,000
506,000
Historical value at 31 December 2023
303.023
303.023
18

Bristol Cathedral Trust
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
6. INVESTMENT ASSETS (continued)
Investments
2023
2022
Market value at l January 2023
Additions to investments at cost
(DISPOS￿5) of Investments
Gains on sale I revaluaoon
1.925,846 2,117,498
1992
52,865
215.032 (244,517)
Market Ydlue at 31 Decernber 2023
1143.870 1.925.846
Historical value ar 31 December 2023
923.833
920,841
Analysed as follow5.'
2023
2022
CBF Investment Fund (Income shares)
CBF Fixed Interest Fund (Income shares)
CBF Property Fund (Income Shares)
CBF Global Equity Fund (Income Shares)
CBF Investment Fund (Accumulation share5)
CBF Property Fund (Income shares)
CBF Global Equity Fund (Accumulation shares)
711,539
856
71.625
430,435
647.983
57,742
223,690
650,351
793
76,308
374,603
575.649
58,536
189,606
Total
2,143.870 1.925.846
The portfolio is strurtured in the United Kingdom. except for the CBF InYe5tsnent Fund (where approximately 63°A of the
fund is held in overseas equities) and the CBF Global Equity Income Fund (where approximatety 90% of the fijnd is held in
overseas equitie5).
The invescment properries comprise two flats. which are rented to Bristol Cathedral to provide housing for verger5. The
rryng values of these properries were compared by the Twstees at year end to the market values provided by a leading
property vaiuation website {zoopl&co.uk) and were adjusted accordingly to reflett their realistic market values.
7. DEBTORS
2023
2022
Trade Debtors
Amounts owed by connected parties
Prepayments & accrued income
650
650
4,800
10.337
11.808
12.458
15.787
19

Bristol Cathedral Trust
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
8. CREDITORS: AMOUNTS FALLING DUEWITHIN ONE YEAR
2023
2022
Trade Credicors
Amounts owed to connected entities
Accruals
Other Creditors
585
5,384
3.664
100
2,331
4,071
100
9.733
6.502
9. FINANCIAL INSTRUMENTS
2023
2022
Financial a55ets that are measured at fair value
Investments
2,676.870 2,431,846
Financial assets that are measured at amortised cost
Trade Debtors
Amounts owed by connecced parries
Cash at bank and in hand
650
650
4,800
153.933
117.142
117,792
159,383
Financial liabilities measured at amorttsed cost
Trade creditors
Amounts owed to connetted entities
Accruals
Other Creditors
585
5.384
3.664
100
2.331
4.071
9,733
6,502
The fair value of investrnent propertie5 is determined by obtaining market value from zoopla.co.uk a leading source of UK
property market inforn)ation online. The fair value of investments is detern)ined by obtaining the market value of
investments from CCL
20

Bristol Cathedral Trust
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
10. RESTRicfED FUNDS
ncoming
resources
Resources
expended
Gains 1
(losses)
Balance bff
Transfers
Balance clf
Fitthardinge SocTrety
Hospitaiity
Accessibility
Floors
Historic Building
Choral Tradityon
Fabric l 000
884.335
50.000
51.000
6.364
(68.290)
102.652
925,061
50.000
51.000
20,000
20.000
5.000
540.145
337.990
40.545
25,371
580,690
363,361
Total
1.868.470
26.364
{68.290}
168,568
1,995.112
The Fitthardinge Society Fund represents money donated for the purposes of supporting the care and maintenance
of the Cathedral fabric. The society is administered under the aegis of the TrusL
The Hospitality Fund represents money donated for the purposes of invesugating the commercial opportunities open
to the Cathedral catering operations.
The Accessibility Fund represents money donated for the purposes of improving disabled access into the Cathedral.
The Organ & Sound Renovation Fund represents money donated tovrfards the organ and sound system projecL
The Historic Building Fund represents money donated for the purpose of repairing the historic building.
The Choral Tradition Fund vras trdnsferred from pemianent endovrfments in November 2020 following Charity
Commission approval. Its purpose is to ass1St the Chapter in maintaining the Engtish choral tradttTron
The Fabric 1000 Fund was also transferred from pernianent endowments in November 2020 following Charity
Commission approval and is to be applied for the maintenance of the fabric of Bristol Cathedrdl.
21

Bristol Cathedral Trust
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
I I. ANALYSIS OF ASSETS BETWEEN FUNDS
Property Investments Net current
assets
(other)
Total
2023
Total
2022
Restricted Funds
Fitzhardinge
Hospitaliry
Accessibility
Floors
Historic Building
Chorai Tradition
Fabric l 000
929.415
50.000
51.000
(4.354)
925.061
50,000
51,000
20,000
5,000
580.690
363.361
884,335
50,000
51.000
20.01)0
5.000
5.000
540.145
337.990
327,850
205,150
251840
158.211
533,0(Xi
1.441.466
20.646
1.995.112
1.868,470
Unrestricted Funds
701404
99,221
801,625
726,594
533.000
2,143.870
119.867
2.796.737
2,595,064
12. RELATED PARTh TRANSACTIONS
Tnjstees received no emoluments (2022 - £nil). No expenses were paid in the year to Trustees (2022 - £nil).
The Canon Treasurer. Dean are members of the Chapter of Bristol Cithedrat. which is the chief recipient of the Trust's
grants. While they were involved in discu55ion5 relaong to the Chapter's grants application for the forthcoming year. they
played no part in the actual decision to approve Chapter's requesL
By virtue of their membership of the Fitthardinge Society. indNidual Trustees made donations to Bristol Cathedral Trust
in the year totalling £375 (2022.. £225).
22

Bristol Cathedral Trust
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
13. 2022 STATEMENT OF FINANCIAL A￿1VITIEs
Unrest-
rirted
Funds
Rest-
ricted
Funds
Total
Funds
202Z
Income and endowments from".
Donations and legacies
Other trading actiMtie5
Investments
966
7.812
8,778
57.599
57,599
Total income
58.565
7.812
66.377
Expenditure on.
Raising Funds
Charitable activities
(5.686)
(5.686)
(31.452) {107.556} (139.008}
Total expenditure
(37.138) (107.556) (144.694)
Realised gains on investments
Net gains1 (losses) on investments
{99,830} (144.687) {244,517)
Net income l (expenditure)
(78,403) {2H.431) (321834}
Transfers between fund5
Net movement in funds
(78.403) 1244,431 } (321834)
Reconciliation of funds:
Funds brought forward
804.997 2,111901
1917,898
Funds carried forward
726.594
1,868,470 2.595,064
23

Bristol Cathedral Trust
NOTES TO THE FINANCIAL STATEMENTS
For che year ended 31 December 2023
14. 2022 RESTRICTED FUNDS
Incoming
resources
Resources
expended
Gains I
(1055e5)
Balance blf
Transfers
Balance clf
Ficzhardinge Soaety
Hospi￿1￿
Accessibility
Organ & Sound
Renovation
Historic Building
Choral Tradition
Fabric l 000
1,001.663
50.000
51.000
7.812
(34.288)
(90.852)
884.335
50,000
51,000
73.268
(73.268)
5,000
540.145
337.990
573.260
358,710
(33.115)
120.720)
Total
1112.901
7,812
(107.556)
(144.687)
1.868,470
24